HashKey With Standard Chartered To Offer Crypto Retail Trading In Hong Kong

Hong Kong Securities Regulatory Commission approved type 1 & 7 licenses for HashKey Exchange to offer retail trading services under the new crypto regime. HashKey Exchange becomes the first crypto exchange to offer crypto retail trading in Hong Kong as authorities look to make the city as a global hub for the digital asset industry.

HashKey Receives License to Offer Crypto Retail Trading

Hong Kong-based crypto exchange HashKey Exchange on August 3 said it has upgraded its type 1 and 7 licenses to offer crypto trading services to retail investors. HashKey and OSL are the only two compliant exchanges in Hong Kong.

🚀 Big news! HashKey Exchange, a licensed virtual asset exchange in Hong Kong, has upgraded its type 1 & 7 licences to offer retail services. Now, all users can enjoy a safe and simple trading experience! https://t.co/DAFfq2ajoe

— HashKey Exchange (@HashKeyExchange) August 3, 2023

HashKey has partnered with Standard Chartered Bank to provide users with fiat currency deposit and withdrawal services. The exchange also announced the launch of its virtual asset over-the-counter trading service. Retail investors are restricted to trading only top cryptocurrencies such as Bitcoin and Ethereum.

“HashKey will be able to expand its business scope from serving professional investors to retail users” after receiving an upgrade of its existing licenses.”

HashKey Group operates in multiple areas from venture funding to asset management and trading. It announced plans to raise $100 million to $200 million at a valuation above $1 billion amid Hong Kong’s push to become global crypto hub.

Also Read: Ripple CEO Garlinghouse And Deaton Condemn US SEC For Using XRP Report In Suit

Hong Kong Burgeoning Crypto Market

Crypto firms such as Huobi, OKX, and Amber Group have plans for receiving licenses and offer crypto services in Hong Kong. Amid regulatory scrutiny and crackdown in several countries, Hong Kong has become a favored destination for crypto-focused firms, with Binance and Coinbase also looking at the market.

Meanwhile, Hong Kong has signed agreements with the UAE and Saudi Arabia to strengthen financial and crypto collaboration. The Hong Kong authorities also working with Singapore and other countries on cross-border transactions and CBDC.

Also Read: Binance Announces Zero-Fee Bitcoin And Ethereum Trading, Bullish For Crypto Market?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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